This bill proposes to amend current statutes regarding the assessment fees for insurers in Arizona. Under the existing law, the Director of the Department of Insurance and Financial Institutions (DIFI) is authorized to assess each insurer up to $1,050 $1,050 $1,350 for the administration and operation of the Fraud Unit and the prosecution of insurance fraud. The bill would increase this maximum assessment to $1,350, thereby providing additional funding for the Fraud Unit's activities. Additionally, the bill includes provisions that require it to be enacted only with the affirmative vote of at least two-thirds of the members of each house of the legislature and states that it will be effective immediately upon the Governor's signature, retroactive to July 1, 2026. The updated statute will ensure that the increased assessment is applied retroactively, allowing for the necessary funding to support the Fraud Unit's operations from that date.

Statutes affected:
Introduced Version: 20-466
House Engrossed Version: 20-466